The advent of cryptocurrency came along with high hopes for its potential to disrupt mainstream financial markets. In the years since Bitcoin exploded onto the scene, however, progress toward that end has been slow. One of the reasons for that is the fact that performing transactions in crypto have both been complex and non customizable.
For example, cryptocurrency holders have historically had limited options when they needed to perform structured time-based payments and other peer-to-peer transactions. In those circumstances, their only options were to contract a costly third party to manually execute transactions on a set schedule, or custom-build a smart contract to do the work instead.
But today, that’s finally changing, thanks to TrustSwap. It’s a DeFi platform built from the ground up to facilitate time-based crypto transactions with ease. Just set the amounts, and the timelines – and you’re all set.
CEO and founder Jeff Kirdeikis first conceived of TrustSwap when a company he represented needed to distribute tokens over time to a venture capital investor. They then realized that a lawyer would be needed to execute the payment schedule for a significant fee. There were no smart-contracts available to perform this incredibly simple transaction.
He said at the time, “I figured there had to be something already created that implemented this service in a smart-contract, for a fraction of the cost. There wasn’t. In fact, there was nothing that allowed for time-based payments at all. No trustless escrow for institutions, no trustless team-token lockups, no automated employee payments… nothing.” TrustSwap was created to fill this massive and shocking hole in the market.
Now, TrustSwap is positioned to offer several unique services to the crypto space that were cumbersome and costly before. The first is a service called TS SmartLock™. It facilitates automated time and event-based payments on a one-to-one or one-to-many basis via smart contracts. It can, for example, allow small businesses to automate their payroll without an intermediary or any cumbersome accounting software. Basically, where there’s a need for conditional and repeating crypto transfers, TS SmartLock can make it happen.
The second service is called TS SmartSwap™, and it’s a smart contract-based escrow system designed to facilitate OTC trades between parties. Using the service, even strangers can enter into currency swap agreements with no fear of either party failing to live up to its obligations. Millions of dollars flow from vc’s and institutions into crypto daily. They pay very high fees to the middleman and this will allow them to save on fees, skip the middleman, while moving millions of dollars through the TrustSwap network.
The third service is called TS SmartSubscription™. As its name suggests, it’s a service built to enable fixed recurring payments. Imagine paying for your Spotify, Netflix or Patreon subscription with cryptocurrency – this is what TrustSwap aims to achieve, and has the tech to do it. It’s tailor-made for situations when two parties – like a service provider and a customer – want to engage in a fixed-length payment agreement using cryptocurrency as a medium. It will, for the first time, let entities and individuals arrange payment terms in an automated way without having a third-party payment processing service in the middle. Subscriptions are the largest payment method in the world, bringing in a multi-billion dollar industry to crypto, and this service can be integrated into any website using an API.
But those are just the end-user and traditional business-oriented services offered by the TrustSwap platform. It also offers services built to accelerate the development of new crypto innovations and blockchain-based services. They’re being developed under the umbrella of the platform’s TS SmartLaunch™ & SmartWrap™ features. Between them, token issuers will find a one-stop-shop to handle their initial pre-sales and to prevent price manipulation as they proceed to public listing. They’ll also have the ability to wrap non-Ethereum assets to allow them to interact on the Ethereum blockchain – making them available for a wide range of smart contract-enabled applications.
And TrustSwap isn’t done yet. The products they’ve announced so far represent just the beginnings of where they plan to go as a financial platform. In the coming months, they’ll also be announcing further refinements to their technology and additional integrations aimed at making it easy to integrate their services into existing blockchain ecosystems.
When they’re done, TrustSwap will be a new foundational pillar of the blossoming DeFi landscape – ushering in a new generation of financial products for a new era.
TrustSwap is a new DeFi platform built to make a variety of time and condition-based transactions on the Ethereum blockchain faster, cheaper, and more efficient. It’s run by an all-star team of blockchain veterans and an advisory group of experts hailing from crypto-standouts like CoinMarketCap, technology greats like Hewlett-Packard, and financial stalwarts like Goldman Sachs. Together they’re creating the future of DeFi transactions to power tomorrow.